Question

The following items were derived from Gold Company’s December 31, 2016, adjusted trial balance:

Additional data:
1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.
Required:
1. Prepare a 2016 multiple-step income statement.
2. Prepare a 2016 single-step income statement.
3. Discuss how Gold Company's income statement in Requirement 1 might be different if it used IFRS.